2018 SESSION

SUMMARY AS INTRODUCED:

Individual income tax; phased-in subtraction
of military retirement income. Phases in, over a five-year period
beginning with taxable year 2018, a subtraction from Virginia taxable
income for military retirement income. By taxable year 2022, 100
percent of military retirement income would be exempt from taxation.
Under current law, military retirement income is exempt from taxation
only if the individual is a recipient of the Congressional Medal of
Honor.